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Reporting assumptions

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Ownership basis

Show the full project inventory before ownership adjustment.

Display scale

Display contained quantities in millions of ounces or tonnes.

Resource treatment

Normalise Resources to exclude Reserves: where a project is flagged inclusive, net Reserves out of Resources so the figure is additional Resources beyond Reserves. Unknown-convention rows are shown as stated.

Resource total

Total Resource includes Inferred (JORC convention). Totals are re-derived from category rows wherever the document discloses them.

Recovery basis

Show the issuer's headline recoverable figure as reported. Lithium-brine reserves already have the brine-processing recovery factor applied; everything else is shown as stated.

Commodity view

Primary view: each commodity in its own contained unit (oz / t).

Santa Elena

Sonora, Mexico · Producing · 100.0% ownedUnverified

Current R&R by category

Whole-project rollup at the latest vintage per category: printed project-level rows are preferred, and mining areas are summed (tonnes-weighted grade) only where the issuer prints no project-level row. Per-area and per-source detail in the Current R&R table below.

Au

Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	As at
Measured	2.22 Mt	1.97 g/t	0.14 Moz	31 Dec 2025
Indicated	8.49 Mt	1.34 g/t	0.37 Moz	31 Dec 2025
Inferred	18.40 Mt	1.64 g/t	0.97 Moz	31 Dec 2025
Total Resources	23.44 Mt	1.66 g/t	1.25 Moz	31 Dec 2025
Proved	1.30 Mt	1.88 g/t	0.08 Moz	31 Dec 2025
Probable	5.00 Mt	1.09 g/t	0.17 Moz	31 Dec 2025
Total Reserves	6.30 Mt	1.25 g/t	0.25 Moz	31 Dec 2025

Sub-category rows are as disclosed (no Reserves-treatment netting); the Total rows honour the Resources treatment and Inferred-policy toggles, so components may not sum to the Total.

Dotted tonnes/grade are derived under the active Resources treatment: tonnes are netted of (or grossed by) the reserve tonnage alongside contained, and grade is re-derived as netted contained ÷ netted tonnes — not the published figures.

Ag

Category	Tonnes (Mt)	Grade (g/t Ag)	Contained (Moz Ag)	As at
Measured	2.22 Mt	71.00 g/t	5.08 Moz	31 Dec 2025
Indicated	8.49 Mt	59.00 g/t	16.01 Moz	31 Dec 2025
Inferred	18.40 Mt	71.00 g/t	41.87 Moz	31 Dec 2025
Total Resources	23.44 Mt	69.66 g/t	52.50 Moz	31 Dec 2025
Proved

Cut-off grade

—

Price assumption

US$38.50/oz · US$35.00/oz

JORC code year

—

Peer benchmark — producing Au projects (282 with resources)Resource size P42Resource grade P53View on grade-tonnage chart →

Percentile of this project's current total Resource among covered peers (P100 = largest / highest grade). Basis and Inferred toggles apply.

Data quality

Latest source: 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) · 31 Dec 2025
Reporting code: SK-1300
Convention: inclusive
Currency assumption: US$
Disagreement flags: 19 rows

Current R&R

Resources

Area	Category	Tonnes (Mt)	Au		Ag		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	Grade (g/t Ag)	Contained (Moz Ag)	As at	Source	Provenance
Total	Measured	2.22 Mt	1.97 g/t	0.14 Moz	71.00 g/t	5.08 Moz	31 Dec 2025	Table 15 preamble: Total Measured (UG) rowUnverified

Total

Indicated

8.49 Mt

1.34 g/t

0.37 Moz

59.00 g/t

16.01 Moz

31 Dec 2025

Table 15 preamble: Total Indicated (UG + Stockpile) rowUnverified

notes (4)

Source: 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) · published 31 Mar 2026

Ref: Table 15 preamble: Total Indicated (UG + Stockpile) row

SK-1300 — Reporting code of record: SK-1300
@ US$ 38.5/oz — Metal price assumption used to derive this estimate.
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. QA WARN: tonnes/contained equal the SUM of 3 sibling row(s) of the same classification/category/commodity (Ermitaño (UG), Santa Elena (UG), Stockpile) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count). QA INFO: recompute differs 1.14% from the printed contained figure, but the printed tonnes/grade/contained carry ±1.78% rounding granularity (capped per component; the true half-step band of coarse prints is wider) and the remainder sits under the warn threshold — treated as reconciled.

Stockpile

Measured

0.24 Mt

1.74 g/t

0.01 Moz

46.00 g/t

0.35 Moz

31 Dec 2025

Table 14: Santa Elena Mineral Resource Estimates, Measured and Indicated Category (Effective Date: December 31, 2025)Unverified

notes (3)

Source: 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) · published 31 Mar 2026

Ref: Table 14: Santa Elena Mineral Resource Estimates, Measured and Indicated Category (Effective Date: December 31, 2025)

SK-1300 — Reporting code of record: SK-1300
inc — Stated Resources are inclusive of Reserves. Set Resources: Excl. Reserves to net them out.

QA notes:

QA BLOCK: conflicting duplicate — this (project, mining area, commodity, classification, category, as-at date) appears 2 times in the document WITH DIFFERENT figures. At most one copy matches the print; verify each against the document and reject the rest (a copy whose figures appear nowhere in the text is fabricated). QA INFO: recompute differs 1.41% from the printed contained figure, but the printed tonnes/grade/contained carry ±4.60% rounding granularity (capped per component; the true half-step band of coarse prints is wider) and the remainder sits under the warn threshold — treated as reconciled.

Reserves

Area	Category	Tonnes (Mt)	Au		Ag		As at	Source	Provenance
Area	Category	Tonnes (Mt)	Grade (g/t Au)	Contained (Moz Au)	Grade (g/t Ag)	Contained (Moz Ag)	As at	Source	Provenance
Total	Proved	1.30 Mt	1.88 g/t	0.08 Moz	70.00 g/t	2.93 Moz	31 Dec 2025	Table 16: Santa Elena Mineral Reserves Estimates – Total Proven (UG)Unverified Evidence record Santa Elena Proved · Ag · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 1300000.0000 Grade 70.0000 Contained (oz) 2930000.0000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) Table 16: Santa Elena Mineral Reserves Estimates – Total Proven (UG) Published 2026-03-31 Verification Approved; not independently verified · Model extracted QA WARN: tonnes/contained equal the SUM of 3 sibling row(s) of the same classification/category/commodity (UG - Ermitano, UG - Santa Elena, Stockpile) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count). Copies a pre-filled issue record so you can send it through your normal channel.	notes (3) Source: 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) · published 31 Mar 2026 Ref: Table 16: Santa Elena Mineral Reserves Estimates – Total Proven (UG) SK-1300 — Reporting code of record: SK-1300 @ US$ 35/oz — Metal price assumption used to derive this estimate. QA notes: QA WARN: tonnes/contained equal the SUM of 3 sibling row(s) of the same classification/category/commodity (UG - Ermitano, UG - Santa Elena, Stockpile) — likely a printed multi-deposit rollup/subtotal. Policy keeps leaf rows and printed whole-project Totals only; reject mid-level rollups (double-count).
Total	Probable	5.00 Mt	1.09 g/t	0.17 Moz	51.00 g/t	8.21 Moz	31 Dec 2025	Table 16: Santa Elena Mineral Reserves Estimates – Total Probable (UG) + StockpileUnverified Evidence record Santa Elena Probable · Au · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 5000000.0000 Grade 1.0900 Contained (oz) 170000.0000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) Table 16: Santa Elena Mineral Reserves Estimates – Total Probable (UG) + Stockpile Published 2026-03-31 Verification Approved; not independently verified · Model extracted QA INFO: recompute differs 3.07% from the printed contained figure, but the printed tonnes/grade/contained carry ±9.40% rounding granularity (capped per component; the true half-step band of coarse prints is wider) and the remainder sits under the warn threshold — treated as reconciled. \| t88 swarm r2 (a5): F3 case(a) coarse-print rounding, no defect: 5,000,000 t / 170,000 oz vs splits 5,000,000 t / 180,000 oz. Tonnes tie EXACTLY (3,390,000 + 390,000 + 1,220,000). Exact recomputes sum to 174,450 oz vs the total row's own 175,221 oz (0.44%); the Heap leach leaf alone is 5,266 oz printed as 0.01 Moz, which manufactures most of the gap. Proved 80,000 + probable 170,000 = 250,000 oz ties total_reserve exactly. Copies a pre-filled issue record so you can send it through your normal channel.
Total	Total Reserves	6.30 Mt	1.25 g/t	0.25 Moz	55.00 g/t	11.14 Moz	31 Dec 2025	TABLE 1: Mineral Reserve Estimates for the Material Properties, Effective Date of December 31, 2025Unverified Evidence record Santa Elena Total Reserve · Au · as at 2025-12-31 Reported figure Area Whole project Basis 100% Ore tonnes (t) 6300000.0000 Grade 1.2500 Contained (oz) 250000.0000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) TABLE 1: Mineral Reserve Estimates for the Material Properties, Effective Date of December 31, 2025 Published 2026-03-31 Verification Approved; not independently verified · Model extracted QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. QA INFO: recompute differs 1.27% from the printed contained figure, but the printed tonnes/grade/contained carry ±3.19% rounding granularity (capped per component; the true half-step band of coarse prints is wider) and the remainder sits under the warn threshold — treated as reconciled. Copies a pre-filled issue record so you can send it through your normal channel.	notes (3)
Ermitaño (UG)	Proved	0.68 Mt	2.29 g/t	0.05 Moz	59.00 g/t	1.29 Moz	31 Dec 2025	Table 16: Santa Elena Mineral Reserves EstimatesUnverified Evidence record Santa Elena Proved · Au · as at 2025-12-31 Reported figure Area Ermitaño (UG) Basis 100% Ore tonnes (t) 680000.0000 Grade 2.2900 Contained (oz) 50000.0000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) Table 16: Santa Elena Mineral Reserves Estimates Published 2026-03-31 Verification Approved; not independently verified · Model extracted QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. QA INFO: identical figures to area(s) 'UG - Ermitano' — likely the same printed line under two labels (a summary and a detail table); keep one label and reject the other. Copies a pre-filled issue record so you can send it through your normal channel.	notes (3)
Ermitaño (UG)	Probable	3.39 Mt	1.16 g/t	0.13 Moz	29.00 g/t	3.15 Moz	31 Dec 2025	Table 16: Santa Elena Mineral Reserves EstimatesUnverified Evidence record Santa Elena Probable · Au · as at 2025-12-31 Reported figure Area Ermitaño (UG) Basis 100% Ore tonnes (t) 3390000.0000 Grade 1.1600 Contained (oz) 130000.0000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) Table 16: Santa Elena Mineral Reserves Estimates Published 2026-03-31 Verification Approved; not independently verified · Model extracted QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. QA INFO: recompute differs 2.75% from the printed contained figure, but the printed tonnes/grade/contained carry ±4.42% rounding granularity (capped per component; the true half-step band of coarse prints is wider) and the remainder sits under the warn threshold — treated as reconciled. QA INFO: identical figures to area(s) 'UG - Ermitano' — likely the same printed line under two labels (a summary and a detail table); keep one label and reject the other. Copies a pre-filled issue record so you can send it through your normal channel.	notes (3)
Heap leach	Probable	0.39 Mt	0.42 g/t	0.01 Moz	27.00 g/t	0.33 Moz	31 Dec 2025	Table 16: Santa Elena Mineral Reserves EstimatesUnverified Evidence record Santa Elena Probable · Au · as at 2025-12-31 Reported figure Area Heap leach Basis 100% Ore tonnes (t) 390000.0000 Grade 0.4200 Contained (oz) 10000.0000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) Table 16: Santa Elena Mineral Reserves Estimates Published 2026-03-31 Verification Approved; not independently verified · Model extracted QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. QA WARN: bare method label 'Heap leach' beside tenement/deposit-prefixed method labels on the same project — a multi-block table's lost prefix makes this row read as the project-level method total when it is one block's leaf (t57 MGX ML33760: bare 'Open Pit' was a 4.5x misread). Restore the printed block prefix (FIX mining_area) or verify the row really is the project-wide method line. QA INFO: recompute differs 47.34% from the printed contained figure, but the print is exactly consistent with the recompute at the printed tonnes/grade/contained granularity (rounding-interval overlap) — treated as reconciled. QA INFO: identical figures to area(s) 'Pad' — likely the same printed line under two labels (a summary and a detail table); keep one label and reject the other. Copies a pre-filled issue record so you can send it through your normal channel.
Santa Elena (UG)	Proved	0.38 Mt	1.22 g/t	0.02 Moz	105.00 g/t	1.29 Moz	31 Dec 2025	Table 16: Santa Elena Mineral Reserves EstimatesUnverified Evidence record Santa Elena Proved · Ag · as at 2025-12-31 Reported figure Area Santa Elena (UG) Basis 100% Ore tonnes (t) 380000.0000 Grade 105.0000 Contained (oz) 1290000.0000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) Table 16: Santa Elena Mineral Reserves Estimates Published 2026-03-31 Verification Approved; not independently verified · Model extracted QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. QA INFO: identical figures to area(s) 'UG - Santa Elena' — likely the same printed line under two labels (a summary and a detail table); keep one label and reject the other. Copies a pre-filled issue record so you can send it through your normal channel.	notes (3)
Santa Elena (UG)	Probable	1.22 Mt	1.09 g/t	0.04 Moz	120.00 g/t	4.73 Moz	31 Dec 2025	Table 16: Santa Elena Mineral Reserves EstimatesUnverified Evidence record Santa Elena Probable · Au · as at 2025-12-31 Reported figure Area Santa Elena (UG) Basis 100% Ore tonnes (t) 1220000.0000 Grade 1.0900 Contained (oz) 40000.0000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) Table 16: Santa Elena Mineral Reserves Estimates Published 2026-03-31 Verification Approved; not independently verified · Model extracted QA WARN: identical figures appear under ANOTHER area label of this project in the same document — likely one printed estimate stored twice (a summary/grouping line duplicating its leaf). Keep one copy; reject the relabelled twin. QA INFO: recompute differs 6.89% from the printed contained figure, but the printed tonnes/grade/contained carry ±6.87% rounding granularity (capped per component; the true half-step band of coarse prints is wider) and the remainder sits under the warn threshold — treated as reconciled. QA INFO: identical figures to area(s) 'UG - Santa Elena' — likely the same printed line under two labels (a summary and a detail table); keep one label and reject the other. Copies a pre-filled issue record so you can send it through your normal channel.	notes (3)
Stockpile	Proved	0.24 Mt	1.74 g/t	0.01 Moz	46.00 g/t	0.35 Moz	31 Dec 2025	TABLE 1: Mineral Reserve Estimates for the Material Properties, Effective Date of December 31, 2025Unverified Evidence record Santa Elena Proved · Au · as at 2025-12-31 Reported figure Area Stockpile Basis 100% Ore tonnes (t) 240000.0000 Grade 1.7400 Contained (oz) 10000.0000 Classification Reserve Source trail 40-F: FORM 40-F — exhibit99-1.htm (AIF exhibit) TABLE 1: Mineral Reserve Estimates for the Material Properties, Effective Date of December 31, 2025 Published 2026-03-31 Verification Approved; not independently verified · Model extracted QA INFO: inclusive-of-reserves flag cleared — the flag describes resource statements; reserve rows carry none. QA INFO: recompute differs 34.26% from the printed contained figure, but the print is exactly consistent with the recompute at the printed tonnes/grade/contained granularity (rounding-interval overlap) — treated as reconciled. Copies a pre-filled issue record so you can send it through your normal channel.	notes (3)